For the second time this month, Dangote Petroleum Refinery has reduced the ex-depot price of petrol, cutting it from N890 to N825 per litre.
This follows an earlier N60 per litre reduction on February 1, bringing the total price cut to N125 per litre in 26 days.
According to a statement from the 650,000 barrels-per-day refinery, the price reduction will ensure that petrol retails between N860 and N865 per litre in Lagos when the new pricing takes effect on Thursday, February 27, 2025.
Why Dangote Refinery Reduced Petrol Prices
The refinery noted that this price adjustment is aimed at easing the financial burden on Nigerians, particularly ahead of the Ramadan season.
It also aligns with President Bola Ahmed Tinubu’s economic recovery plans to stabilize fuel prices and ensure affordability.
This isn’t the first time Dangote Refinery has taken steps to reduce fuel costs.
Back in December 2024, during the festive season, the refinery slashed the price of petrol by N70.50 per litre, helping to stabilize fuel supply and prevent scarcity.
Current Petrol Prices Across Nigeria
With the latest adjustment, petrol prices at major filling stations will be as follows:
- Lagos: N860–N865 per litre
- South-West: N870–N875 per litre
- North: N880–N885 per litre
- South-South/South-East: N890–N895 per litre
Dangote Refinery’s Role in Nigeria’s Fuel Supply
The privately owned refinery reassured Nigerians that it has over 500 million litres of petrol in storage, enough to meet domestic demand.
It also emphasized its commitment to ensuring price stability while continuing to export refined products to global markets.
The company urged petroleum marketers to align with its price reduction efforts, ensuring that the benefits reach Nigerian consumers.
This move further strengthens Nigeria’s goal of self-sufficiency in refined petroleum products, positioning the country as a major player in the global oil market.
Leave a Reply